COVID-19 and the New Work Culture: The Financial Implication for Individuals

Living a
great work-life balance is one of the most commonly held cravings every
employee seeks as they work towards making ends meet and providing for themselves
the lives they dream about.

Indeed, some
employees without hesitation would jump at the offer that provides them the
opportunity to work while they stay at home, just like the opportunity COVID-19
has provided at this period.

Working from
home sounds great because of the several benefits that comes with it. Working
from home to some means you don't have to worry about someone stepping on your
shoes while you are wrapped up with the crowd on your way to your place of
work. It means you t have to silently scream at everyone walking sluggishly
in front of you while you are hurriedly walking to your office. Staying at
home while you work is a good beginning to end your worries with annoying
commuters.

As an
avenue to reinstruct your brain to disconnect your mind from all the early
morning wakeup routine and the late-night sleep as you may have sufficient time
to stay away from the long-dreaded traffic jam you usually experience on your
way to work or back home.

The best part
of the working from home system is the opportunity you get to build a more
intimate relationship with your spouse, children and other family members.

But beyond
all of the pleasures, the excitement, the comfort and the bliss, do you think
working from home gives you all the benefits you would desire without getting
anything in return from you?

Have you
taken the time to sit and imagine the implications that may come with working
from home, the emotional consequences, the financial implications and many
other dangers that may come with it?

The way and
model of how we operate as individuals, businesses and communities is beginning
to change globally because of the emergence of the viral pandemic- Coronavirus,
and as it is, preparing for the uncertainties that may arise in the next few
days is the next best action to take.

As we all
prepare to go into distancing ourselves from social gatherings while still
ensuring economic activities and business operations continue, we need to
figure out the best methods of meeting socioeconomic obligations within a new
work paradigm.

It is
important to know what the likely implications of social distancing will be on
us in the coming months and perhaps years.

What should
you expect with working from home, as a low income, middle income and
high-income earner?

Income Loss

One of the
common consequences of working from home will be an increased loss of income in
the following days. Whether you are an employer of labour or you work for
someone.

The
unavoidable event that is bound to happen at this period is the decline in
revenue and profit that would be experienced as the spread of the viral disease
takes its toll on the international oil market.

Amid
Covid-19, the country has witnessed a huge drop in the price of crude oil from
$57 to $33.7 per barrel. A reduction that has reduced the country's targeted
revenue from oil for the year 2020 from N2.64 trillion to a 40% reduction
according to an article published by Vanguardngr on March 10, 2020.

With these
you can expect a decrease in the circulation of fund within the country's
economy thereby affecting both individual and corporate incomes.

In addition
to this, many employees will likely lose their jobs as their services will no
longer be required due to the shutting down of businesses caused by the
restriction of movement and social interaction currently going on across the
globe, with Nigeria not being left out.

Increased Expenses

As trading
activities are forced to stop either partially or completely in some
cases. Individuals, businesses and corporate bodies are more likely to
experience a spike in their expenses in the coming days.

More persons
are expected to stay home at this period with their children and wards. Simply
having your wards around, places an extra cost on you as you would be required
to spend more on petty household items and child care packages.

Moving away,
from the cost you are likely to incur from caring for your wards, another
unavoidable cost you would carry is the cost of setting up a new home office to
manage your business activities until the time you can resume normal office
activities

Running your
business or working from home means you need to make provisions for a few
relevant things such as;

Internet subscription and a connection device
(e.g. a modem) since you will do more of online calls, video conferencing,
etc.

A Laptop and/or Smartphone

Electricity and Generator/Fuel as a back up

Credit card for calls since you would have no
access to office's intercom

Food supplies and toiletries

Primarily
these are the unavoidable expenses you will likely encounter as you plan to
work from home.

However,
below are other listed items you are likely to spend money on as you prepare to
work from home over the next few days.

A suitable table and chair

Whiteboard

Pencils, pens and note pads

Papers

Fire Safe box

Desk organizer & pen holder

Socket & USB extension lead

Alarm to keep watch of time

For some a
printer, stapler & pins, perforator, scanner and archival files will be
necessary to keep office documents separate from other personal documents

The
restriction on movement and business activities would not only cause an
increase in the prices of commodities for individuals but also place the entire
national economy in a slowly burning meltdown.

As a matter
of urgency, proper plans must be put in place to address the yet unknown
outcomes.

This website makes use of cookies to maximise functionality and improve your experience on the website.By continuing to use this website, you consent to the use of cookies in accordance with Proshare's Cookie Policy. For more information on cookies and how to make choices regarding them, see our Privacy Policy. I Understand. Got It .